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This report reveals that recent trends in global aid since 2001 demonstrate the foreign policy priorities of donors in the global "war on terror." The wars in Afghanistan and Iraq have captured more than a third of the new aid resources allocated by donors since 2001. While recent aid resources have been diverted, new aid pledges made in 2005 still fall far short of the urgently needed financing to meet even the minimal Millennium Development Goals. In 2007 the international community has an opportunity to replace rhetoric and policy "slights-of-hand" with policies and resources that could truly make a difference for a decade devoted to ending global poverty and creating conditions for peace.